|Published : 19 Apr 2017, 11:19:31|
Goldman Sachs, J&J pull US stocks lower
US stocks ended lower on Tuesday, while geopolitical tensions added to investor caution.
The S&P 500 fell for the fourth time in five sessions, weighed down by a drop in Goldman Sachs and Johnson & Johnson following their quarterly results.
Goldman Sachs lost 4.7 per cent to $215.59, after hitting its lowest intraday level since Nov. 29. The bank posted earnings that missed expectations as trading revenue dropped.
Goldman shares suffered their biggest daily percentage drop since June 24, a day after Britain voted to leave the European Union.
Johnson & Johnson slumped 3.1 per cent for its worst day in 14 months after quarterly revenue fell short of analysts' expectations.
Healthcare, down 1.0 per cent, and financials, off 0.8 per cent, were the two worst-performing of the 11 major S&P sectors.
Cardinal Health, down 11.5 per cent, also weighed on healthcare after a disappointing profit forecast overshadowed a deal to buy medical supplies businesses from Medtronic for $6.1 billion.
The Dow Jones Industrial Average fell 113.64 points, or 0.55 per cent, to 20,523.28, the S&P 500 lost 6.83 points, or 0.29 per cent, to 2,342.18 and the Nasdaq Composite dropped 7.32 points, or 0.12 per cent, to 5,849.47, according to Reuters.